Dimensional Fund Advisors LP Lowers Stock Holdings in Carpenter Technology Co. (NYSE:CRS)

Dimensional Fund Advisors LP cut its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 30.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,721,596 shares of the basic materials company's stock after selling 754,012 shares during the quarter. Dimensional Fund Advisors LP owned about 3.45% of Carpenter Technology worth $292,168,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CRS. FMR LLC lifted its stake in Carpenter Technology by 28.3% during the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after acquiring an additional 979,313 shares during the period. Invesco Ltd. lifted its position in Carpenter Technology by 30.3% during the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after purchasing an additional 357,417 shares during the period. Geode Capital Management LLC boosted its holdings in Carpenter Technology by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock valued at $193,279,000 after purchasing an additional 38,411 shares during the last quarter. Norges Bank purchased a new position in Carpenter Technology during the fourth quarter valued at approximately $100,505,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock valued at $103,714,000 after purchasing an additional 479,985 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $235.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Carpenter Technology has an average rating of "Moderate Buy" and an average price target of $167.17.

Carpenter Technology Stock Down 0.4 %

Shares of Carpenter Technology stock traded down $0.70 during trading hours on Friday, reaching $198.70. 1,034,295 shares of the company were exchanged, compared to its average volume of 752,438. The stock's fifty day moving average is $183.39 and its 200 day moving average is $181.64. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology Co. has a 1 year low of $81.99 and a 1 year high of $213.66. The firm has a market cap of $9.92 billion, a PE ratio of 37.49, a PEG ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The business had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. As a group, equities research analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.40%. Carpenter Technology's dividend payout ratio is presently 15.09%.

Carpenter Technology announced that its board has approved a stock repurchase plan on Thursday, April 24th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

About Carpenter Technology

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts.